July 21, 2024
Cognitive Bias Modification Treatment Market

Cognitive Bias Modification Treatment Market Is Estimated to Witness High Growth Owing to Rising Prevalence of Mental Disorders

The Cognitive Bias Modification Treatment market is estimated to be valued at US$ 83.2 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cognitive bias modification treatment aims to modify the automatically activated, spontaneous thought patterns that are associated with various mental health conditions such as depression, obsessive-compulsive disorder, social anxiety disorder, and others. These treatments work by modifying the automatic interpretation tendencies through repeated practice. It relies on computerized cognitive-behavioral exercises and tasks to help regulate automatic thoughts.

Market Dynamics:

Rising prevalence of mental disorders such as depression and anxiety is expected to drive the growth of cognitive bias modification treatment market. As per WHO, more than 264 million people of all ages suffer from depression globally. In addition, increasing awareness about digital therapeutics and online solutions for mental illness is another factor driving the adoption of cognitive bias modification treatment programs. Another key driver is that these digital solutions are more cost effective compared to traditional therapies. However, lack of evidence on long term efficacy of these digital therapeutics poses challenge for widespread adoption.

SWOT Analysis

Strength: Cognitive Bias Modification Treatment (CBMT) aims to reduce cognitive biases that maintain psychological conditions. It helps in three easy sessions per week and shows improvements in three to six months. CBMT is non-invasive and has minimal side effects.
Weakness: CBMT requires high patient adherence and commitment to see good results. Some patients may find it difficult to stick to the routine. The long-term effectiveness of CBMT for severe conditions also still needs more research.
Opportunity: Growing acceptance of digital therapeutics presents an opportunity to provide scalable and accessible CBMT programs online and through mobile apps. Partnerships between CBMT companies and healthcare providers can further boost awareness and demand.
Threats: Competing therapies and treatments may seem like better or quicker options to some patients over the medium-term focused CBMT approach. Regulatory barriers and reimbursement issues could also limit the adoption of CBMT in some markets.

Key Takeaways

The Global Cognitive Bias Modification Treatment Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of anxiety, depression and other mood disorders. Advancements in digital therapeutics are helping make CBMT programs more efficient and scalable.

Regional analysis: North America dominates the global cognitive bias modification treatment market currently due to high awareness and rapid adoption of new technologies.Asia Pacific is expected to be the fastest growing regional market owing to rising healthcare investments,growing mental health issues and expanding digital capabilities in major countries.

Key players: Key players operating in the cognitive bias modification treatment market are Cognitive Training Solutions Pty Ltd t/as SWiPE Brain Training, Wise Therapeutics, Mental Mint, MindHabits, Youper Inc., Aralus Digital, and Avegen Health. These companies offer a variety of online and offline CBMT programs using techniques like attentional bias modification and interpretive bias modification. The competitive landscape is expected to intensify with growing commercialization of digital therapeutics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it